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TOWN MEETING

TOWN MEETING. January 17 th 2006. AGENDA. 2006 Budget Major Maintenance Funding Crisis Funding Solutions Tract C Sale. 2006 Budget. 2006 Budget. Current Property Maintenance Issues. Assumes No Additional Emergency Funding. Possible Funding Solutions. Sale of Tract C

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TOWN MEETING

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  1. TOWN MEETING January 17th 2006

  2. AGENDA • 2006 Budget • Major Maintenance Funding Crisis • Funding Solutions • Tract C Sale

  3. 2006 Budget

  4. 2006 Budget

  5. Current Property Maintenance Issues Assumes No Additional Emergency Funding

  6. Possible Funding Solutions • Sale of Tract C • Single special assessment • Single payment • Payment over X years • Increase in HOA Dues • Decrease funding time • Pay Bank financing • Add HOA services with fees • Pay for monthly Parking at Boat dock lot

  7. Sale of Tract C

  8. Tract C Sale • Real Estate Broker’s Agreement • Exclusive World of Homes • Tract C for sale for $550,000 • Contract period 8/24/2005 to 8/24/2006. • Early termination penalty of $1,000 • Some use restrictions

  9. Currently Agreed Restrictions • Sales agreement, stipulates that the intended “…..use “ • non-offensive with the single family residential use of Lake Ajay • Compatible uses shall be considered that of a • convenience store, pharmacy, financial institution, restaurant • “Offensive uses” include but are not limited to, • bar, nightclub, liquor store, storage facility • All points are negotiable. • Potential buyers are not required to use the LAVHO P&S. • Specific covenants must be made a part of the deed restrictions at time of sale to make certain subsequent sales of the property are consistent with original use stipulations

  10. Offers Received to Date • First Bidder: • Initial offer of $700,000 • Escrow deposit of $5,000 and five-year closing period • Offer was accepted on February 8, 2005, with a $35,000 escrow deposit. • The buyer terminated the agreement on March 4, 2005, • Remediation of the property was too costly to pursue. • Second Bidder: • Verbal offer of $250,000, declined by the Board. • Second offer: $350,000; received November 29, 2005 • Escrow deposit of $10,000; • 6-month closing period; • No protections for LAVHO; • Declined on December 13, 2005

  11. Pending Offer for Tract C • Third Bidder: • First offer of $500,000; received October 4, 2005 • Escrow deposit of $25,000; • minimum 12-month closing period • Declined by the Board. • Second offer of$500,000; received December 13, 2005 • Escrow deposit of $25,000 • Minimum 8-month closing period with maximum of 12-month to closing • Response to be given by January 31, 2006

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